Nicaragua canal targets big ships

Monday, June 17, 2013

Developers proposing to build a new canal across Nicaragua are targeting operators of large ships that will not pass even through the new set of locks being build at the Panama Canal. "It has become imperative to develop and construct a wider and deeper interoceanic canal to support bigger load weight and generate greater efficiency," said Wang Jing, the chairman and chief executive officer of HKND Group, in a statement posted on his company's Website . Last week Nicaragua's unicamaral legislature approved granting a 50-year concession to HKND to plan and build the canal by a 61-28 voted with an option for a 50-year extension . The project is supported by President Daniel Ortega. HKND said its "action...